4. Invest in a 401(k) or IRA
- Taking 10 minutes a day to focus on self-care
You can build wealth just by improving your https://rapidloan.net/installment-loans-md/ physical and mental well-being. When you invest time in yourself, you’re increasing confidence, happiness, and you show up in life so much better.
These aren’t the only ways to invest in yourself. Read more here > 6 Best Ways To Invest In Yourself
One of the easiest ways to turn $100 into $1,000 is by investing your money in a 401(k) or IRA.
Investing is a must if you want a stable and wealthy retirement. And the earlier you start, the better. This is why it’s important to start investing today, even if you don’t have much money to get started.
If you need help learning how to invest for retirement, I have a few resources I personally use and recommend.
I highly recommend taking ‘s course called How To Build Wealth by Investing in Index Funds. I finished it last month and it makes investing for retirement so simple and easy. It’s an affordable course that pays for itself again and again. If you’re putting off investing, you’re losing the impact of compound interest. If you don’t know what that is, you need to take this course.
I also recommend reading The Simple Path to Wealth and Broke Millennial Takes On Investing. You can purchase either of these books at a local bookstore or check them out at the library.
- Beginner’s Guide For People Completely New To Investing
- 6 Best Books For Investing And Retirement For Beginners
- How To Invest In Stocks (The Easy Way)
5. Pay credit card debt
Paying off credit card debt can save you a ton of money. This is because most credit card interest rates and loan rates are high. When you pay off debt, you get rid of those interest rates.
If your goal is to pay off debt and start building wealth ASAP, there are a few methods to do this. First, we need to know the different methods of paying off debt. The most common methods are the avalanche method and the snowball method.
The avalanche method works by you paying off your highest interest rate debt first. Then you go to your second highest interest rate debt and so on. The snowball method works by paying off the credit card with the smallest balance and working your way up from there.
Mary would want to pay off her debt in this order if she was using the avalanche method: Debt 3, Debt 1, then Debt 2.
If Mary wanted to use the snowball method, she’d start with the smallest balance, so it would also look like: Debt 1, Debt 3, then Debt 2. If you struggle with staying motivated, I recommend using the snowball method.
If you want to save the most money on interest over time, use the avalanche method. The avalanche method is paying off the highest interest rate debts first.
6. Enroll in a course
Courses can teach you skills that help you earn extra money or even start an entirely new career. I’ve taken several courses to learn how to blog, and the most recent course taught me how to make $1,000/month in passive income.
Instead of going back to school to learn a new skillset, you can take a course online for a fraction of the cost.
- Free Course: How To Start A Profitable Amazon Business
- Flipper University [Flip Items Found At Flea Markets or Garage Sales For Profit]
- Free workshop: How To Build A Six-Figure Writing Career